Sorry, but this is not the news you’re looking for. It is news, nevertheless, with a lot of interesting information about the series and about the state of TV in general, according to one industry insider. First, a brief history of the series, which has been said to take place between the last prequel and the first original, “A New Hope,” during the dark time Obi Wan mentioned to Luke in Episode IV.

We have been telling you about a potential live action Star Wars TV series since SciFi Mafia was just a bunch of juvies. It was back in July 2009 when we told you that “rumors about the pre-production of Star Wars, the live action series, to be shot in Australia, have been confirmed by several inside sources.” We also quoted a lengthy interview with George Lucas from March 2008 when he said that the series would have at least 100 episodes, and would probably not be on the air until 2010. Well…

Cut to two months later, September 2009, when a report from the “Future of Star Wars” panel at Dragon Con had Lucasfilm Director of Fan Relations Steve Sansweet saying 2012 was “a reasonable date” to expect the new series to hit our screens. In February 2010, we reported that the project was still a go, but was delayed because of the writers’ strike and production of The Clone Wars.

Then, bummer, we had to report in August 2010, that the project was on hold, though the scripts were ready. “They literally are Star Wars, only we’re going to have to try to do them [at] a tenth the cost. And it’s a huge challenge, [a] lot bigger than what we thought it was gonna be.” Just this last June we reported that Mr. Lucas confirmed that he has 50 scripts for a live action series waiting, in his garage, for technology to catch up to his ideas, meaning, to make it economically feasible.

And this is where the latest reports come in. First, on Monday this week IGN spoke with Rick McCallum, producer of the Star Wars prequels and The Clone Wars and whose name has long been associated with the live action TV series plans. He gave not only a lot of interesting information about the series, but about the state of broadcast TV in general, and the large number of factors that are delaying the production.

Did you catch that, right in the first 30 seconds? The working title is Star Wars: Underworld. So. Very. Cool.

EW then followed up with McCallum who confirmed that it is just a working title, but one that is reflective of the inhabitants of the series’ world: “Expect a lot of smugglers, gangsters, bounty hunters, and a few Wall Street-type power brokers. Nothing about Luke or the Skywalker saga.” When McCallum was asked if the series was still three or four years out, he replied “longer than that” for the reasons he gave in the video above.

So there you have it, the continuing saga – see what we did there? – of the Star Wars live action series keeps rolling along. We’ll keep you posted, as always.